Crude partly recoups losses despite US stock build

27 November 2013 16:26  [Source: ICIS news]

LONDON (ICIS)--Crude oil rose on Wednesday, partly recouping earlier losses, when this week’s US stock figures showed a larger draw on distillates than forecast, even though both crude and gasoline showed larger builds than expected.

Distillate stocks were at their lowest level for this time of year since records began in 1982, whereas crude stocks were at their highest.

January NYMEX light sweet crude futures rose from around $92.25/bbl before the figures from the Energy Information Administration (EIA) were published to around $92.60/bbl, a loss of $1.08/bbl from Tuesday’s close.

However, they then lost a little ground and at 15:40 GMT, January NYMEX crude was trading around $92.40/bbl, down $1.28/bbl from Tuesday’s close of $93.68/bbl, but above the earlier low of $92.04/bbl.

On ICE Futures, January Brent also gained ground, rising from around $110.75/bbl before the figures were published to around $110.95/bbl. At 15:40 GMT, January Brent was trading around $110.85/bbl, down 3 cents/bbl from Tuesday’s close of $110.88/bbl.

Analysts predicted this week’s US stock figures would show a build on crude stocks of about 600,000 bbl, a draw on distillate of around 1.1m bbl and a build on gasoline of around 300,000 bbl.


U.S Stocks

(million bbl)

w/e 22.11.13



EIA

Change

Crude

391.4

+3.0

Crude at Cushing

40.6

+0.7

Gasoline

210.6

+1.8

Distillate

110.9

-1.7

Heating Oil

19.4

+1.2

Jet Kerosene

36.0

-1.3


By: Tony Dillon
+44 20 8652 3214



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